TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
Finance
Kelley Cochran
Deputy Finance Director
Finance
Haritha Narra
Financial Planning Manager
TITLE:
title
First Quarter 2022 Financial Report
OVERVIEW STATEMENT:
recommendation
The purpose of this staff report is to review the City's quarterly financial performance from January 1, 2021 through March 31, 2022.
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? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
N/A
* Required:
N/A
* Council Request:
N/A
* Other Key Facts:
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OUTCOMES:
The key financial highlights from January 1, 2021 through March 31, 2022 include the following:
General Fund
* Total revenues are 23.8%, or $27.6 million, above target.
* Property tax is 1.4%, or $326,000, below target due to the timing of the first half property tax payment to King County, which is due April 30, 2022.
* Sales & use taxes are 83.5%, or $26.9 million, above target primarily due to the high level of development activity. This includes retail sales tax, criminal justice sales tax, and use taxes. Ongoing retail sales tax is 23.5%, or $6.9 million, above target. One-time retail sales tax, which primarily relates to construction, is $21.5 million through March 31, 2022.
* Utility taxes are 3.3%, or $450,000, above target primarily due to an electric utility tax spike.
* License & permit fees are 19.6%, or $3.0 million, above target primarily due to the high level of development activity.
* Intergovernmental revenues are 4.3%, or $893,000, below target due to the timing of King County EMS payments to the City. The fourth quarter 2021 payment was received in the first quarter of 2022, but it was accrued back to 2021.
* Total expenditures are 10.5%, or $17.0 million, below target primarily due to position vacancies...
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